Could London host F1 grand prix?

Formula 1 chief Bernie Ecclestone reportedly has offered to pay to stage a London Grand Prix.

According to The (London) Times, Ecclestone is prepared to promote the event. It is reported that the route would pass some of London's most famous landmarks, including Buckingham Palace and Trafalgar Square.

The newspaper, which put the cost of staging the grand prix at £35 million ($54.5 million), claims marketing experts predict that the race could generate at least £100 million for the London economy from spectators and tourists.

Ecclestone, who has long harbored hopes of holding a race in the capital, said, "With the way things are, maybe we would front it and put the money up for it. If we got the OK and everything was fine, I think we could do that."

He added, "It would be fantastic, good for London, good for England -- a lot better than the Olympics."

Plans for a London Grand Prix were set to be unveiled at the Royal Automobile Club on Pall Mall on Thursday night.

Ecclestone, who controls the sport's commercial rights, is scheduled to attend along with F1 stars Jenson Button and Lewis Hamilton.

A four-minute video will highlight the proposed route, with Button and Hamilton then scheduled to go head to head around the track in a 3D CGI simulator.

Proposals for another London race, this time on the Olympic Park site in Stratford, were reported at the weekend.